Knowing common business law terminology business can be infinitely helpful when you’re filling out paperwork, or just asking for advice from mentors and advisers. Especially important are the terms relating to the types of businesses that exists and the kinds of legal agreements you might be entering into. Check out some names of common business contracts and what that contract really means.


Don’t be bogged down by business and legal terminology.

We’re here to help with common contract terms you’ll encounter when filling out paperwork for your venture.

  • Independent Contractor Agreement - a written contract showing that you have hired a company or a person to perform a specific service for a specific length of time. This contract should include payment and general employment agreements.

  • Rental Lease - a written contract between you and a property owner showing an agreement to rent, maintain, and insure their property for a specific length of time at a specific monthly price.

  • Equipment Lease - a written contract between you and an equipment owner showing an agreement to rent, maintain and insure their equipment for a specific length of time at a specific monthly price.

  • Purchase and Sales Agreement - a written contract between you and a seller to purchase equipment or their business at a specific price and by a certain date.  

  • Credit Agreement - a written contract between you and a customer showing an agreement to provide him or her with products or services before being paid for them. The agreement states how and when the customer will pay for the products and services.


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